Call for Eid to be on school calendars



NEW YORK // On Eid al Adha last December, Isabel Bucaram-Belguet did not want Huyam, her then six-year-old daughter, to miss the family festivities. So it was with a heavy heart that she wrote to Huyam's teachers explaining why her little girl would have to skip school and a scheduled field trip. A grassroots campaign for the New York public school system to include two days of holiday to mark Eid al Adha and Eid al Fitr has yet to win final success, forcing parents and pupils to decide between religious obligations or missing school.

"It was really difficult for me at Eid to decide whether to send my daughter to school or keep her at home," said Mrs Bucarem-Belguet, who is originally from Lebanon. "We want to be inclusive and part of society but I also want my children to take part in and learn about our culture." Huyam's school trip was to see The Nutcracker at Lincoln Center. Her mother instead took her to a local performance of the ballet, allowing her to take part in subsequent school projects centred on the piece.

"Not all parents would be able to do what I did for reasons of cost, time and logistics, particularly if there are two or more children," said Mrs Bucaram-Belguet, who is 36 and whose Algerian husband is an engineer. The New York city council voted 50-1 last month to include the Muslim holidays in the public school calendar but Michael Bloomberg, the New York mayor, was opposed to the move. "If you close the schools for every single holiday, there won't be any school," he said. "Educating our kids requires time in the classroom and that's the most important thing to us."

Mr Bloomberg seeks re-election this November and religious, immigrant and labour leaders intend to keep up the pressure, arguing public schools already honour such Christian and Jewish holidays as Christmas and Yom Kippur. "We urge mayor Michael Bloomberg to ensure that a significant population of Muslim students does not have to make an unfair choice between religious observance and educational opportunities," said Faiza Ali, who is the community affairs director for the New York office of the Council on American Islamic Relations. She is also a steering committee member of the Coalition for Muslim School Holidays, which brings together more than 80 community organisations.

"Currently, one in eight students in New York City public schools is Muslim. Over 90 per cent of Muslim students attend public schools," she said. The total number of Muslim public school students is estimated at around 100,000, with the entire Muslim community believed to number about one million in New York. The coalition says allowing two days off for the Eids would have a minimal impact because the Muslim holidays follow a lunar calendar, meaning they would often fall on a weekend, another school holiday or summer recess. A report by the Immigrant Rights Clinic at New York University said at least one of the two Eids each year over the next decade is expected to fall on an existing holiday.

Political wrangling in Albany, the state capital, has delayed a final vote on two pending bills, which would amend the state education law to require the two Muslim holidays in the school year without Mr Bloomberg's approval. "We have the support of rabbis and other religious leaders who understand that Muslims make the third-largest population group in New York and it's growing bigger," said Bakary Camara, who is a member of the Gambian Society of New York in Bronx, where he lives.

He said he worried about his children missing school because attendance records along with academic results played a big part in how a child progressed through the education system. "At Eid, my three children come to pray and then stay at home with me because it's a tradition and a religious calling," said Mr Camara, who is 44 and works in real estate. "Whatever I have to do to remedy their academics later on, I'll do it."

Several school districts in Michigan and New Jersey recognise Muslim school holidays although recent efforts to do the same in Maryland and Connecticut have failed. Mr Camara said recognition of the holidays would spread awareness of Islam throughout US society, much of which was unaware of the feasts and gift-giving that occurred on Eid al Fitr, marking the end of Ramadan, and on Eid al Adha, the festival of sacrifice at the end of the pilgrimage to Mecca.

"Knowledge of these holidays would help to combat Muslim sceptics and those people who do not accept Islam because there is still so much Islamophobia all these years after 9/11," Mr Camara said. sdevi@thenational.ae

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Based: Dubai
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Sector: Sustainability
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Number of employees: 4

Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

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Favourite part of Dubai: Palm Jumeirah

 

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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